London, England & Baie Verte, Newfoundland and Labrador, Canada -Rambler Metals and Mining plc, a copper and gold producer operating in Newfoundland and Labrador, Canada, today provides an operational update for its third quarter ending 30 April 2015 (‘Q3/15’).
Q3/15 operating cash flow is expected to be positive with a projected return to overall profitability for the quarter. The Company is targeting to meet the bottom end of its revised production forecast.
HIGHLIGHTS OF THE QUARTER:
- The Group continues to implement the January 2015 revised mine plan with mine production meeting planned targets;
- Towards the end of the quarter tonnage through the concentrator averaged over 700 mtpd, and continues at this level to date. Significant amounts of snowfall early in the quarter reduced mill production during the quarter;
- For the quarter head grades for copper averaged 2.71 per cent; gold at 1.12 grammes per tonne; silver at 7.88 grammes per tonne. Recoveries to concentrate for copper were 97.10 per cent, gold 74.36 per cent and silver 78.93 per cent;
- For Q3/15 there was production of: 1,043 tonnes of copper; 1,106 ounces of gold; 8,305 ounces of silver. Dry tonnes milled of 42,747 tonnes, representing a 13 per cent decrease on Q3/14 results and a 22 per cent decrease on Q2/15;
- Production of 3,989 tonnes of copper concentrate representing a 14 per cent decrease over Q2/15. Concentrate grade of 26.15 per cent, 8.63 grammes per tonne and 64.75 grammes per tonne for copper, gold and silver respectively; and
- With the implemented cost efficiency measures still in effect, operating cash flow for the quarter is expected to be positive. Despite the lower than planned throughput during Q3 the Company is projecting a return to overall profitability for the quarter. Further details will be announced on or before 25 June 2015 with the release of the complete financial statements.
Norman Williams, CA, President and CEO, commented: “With the winter season now behind us, during May, we have averaged 712 mtpd through the copper concentrator, a 10 per cent increase over what we anticipated. We have also maintained positive operating cash flow which should continue for the remainder of the fiscal year at a higher than planned milling rate.
“The operations team were able to push mill throughput, and they now have a better understanding of the milling capacity as the Company continues to optimize the newly purchased two stage crushing unit, installed during the second quarter. This work will provide long term benefits as we begin integrating Lower Footwall material into the production stream.
“This has been the first full quarter since the revised mine plan was implemented in January. The Company continues to review the mine plan for ways to improve production throughput and grade for the remainder of the fiscal year.”